Trade surplus hits N1.71 trillion in Q4 2025 despite export decline

Nigeria recorded a trade surplus of N1.71 trillion in the fourth quarter of 2025, even as exports declined during the period.

The development comes after the N6.691 trillion trade surplus recorded in Q3 2025, indicating a slowdown in export performance.

Data from the National Bureau of Statistics (NBS) Q4 2025 Foreign Trade Report shows that total merchandise trade stood at N36.21 trillion, slightly down from N36.60 trillion in Q4 2024 and N39.77 trillion in Q3 2025.

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**What the data is saying **

Exports accounted for 52.36% of Nigeria’s total trade in Q4 2025, valued at N18.96 trillion.

• Total merchandise trade declined 1.07% year-on-year and 8.94% quarter-on-quarter.
• Exports fell 5.25% from N20.01 trillion in Q4 2024 and 16.88% from N22.81 trillion in Q3 2025.
• Imports increased to N17.25 trillion, up 3.98% from Q4 2024 and 1.73% from Q3 2025.
• The decline in exports was largely due to weaker crude oil earnings, which continued to affect Nigeria’s trade performance.

Despite lower exports, Nigeria maintained a trade surplus because export earnings still exceeded import spending.

**More Insights **

China remained the largest source of Nigeria’s imports in Q4 2025.

• Other major import partners included the United States, the Netherlands, India, and Brazil.
• The top imported commodities were motor spirit ordinary, durum wheat, crude petroleum oils, cane sugar for refining, and used diesel vehicles.
• Agricultural imports rose to N1.44 trillion, up 31.74% year-on-year and 30.24% quarter-on-quarter.
• Raw material imports increased to N2.35 trillion, reflecting a 11.50% year-on-year and 16.59% quarter-on-quarter growth.

The data demonstrates Nigeria’s continued reliance on imported food items and industrial raw materials.

Nigeria’s trade balance is largely influenced by crude oil exports, which dominate the country’s foreign earnings.

• Crude oil exports in Q4 2025 were N9.70 trillion, down 29.60% from Q4 2024 and 24.24% from Q3 2025.
• Other oil product exports stood at N6.12 trillion, up 80.45% year-on-year but down 12.77% from Q3 2025.
• Manufactured goods exports fell to N423.43 billion, a 14.32% decline year-on-year and 56.73% drop quarter-on-quarter.

The decline in crude oil earnings continued to weigh on Nigeria’s overall trade performance, despite gains in other sectors.

Nigeria’s top export destinations in Q4 2025 were the Netherlands, India, Spain, France, and Canada.

• Most exported commodities included crude oil, natural gas, kerosene-type jet fuel, other petroleum gases in gaseous state, and urea fertilizer.
• Agricultural exports stood at N1.32 trillion, down 14.11% from Q4 2024 but up 68.20% from Q3 2025.
• Solid mineral exports rose to N116.84 billion, a 92.48% year-on-year increase and 15.90% quarter-on-quarter growth.

**What you should know **

Nairametrics reports that Nigeria’s total merchandise trade rose to N38.9 trillion in the third quarter of 2025.

• The total exports for the third quarter of 2025 stood at N22.8 trillion.
• Imports accounted for 41.41% of Nigeria’s total trade in the third quarter of 2025.
• The trade surplus stood at N6.69 trillion, though this reflects a 10.36% decline from the N7.46 trillion posted in Q2 2025, largely due to the faster pace of import growth relative to exports.

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